Licensing in intellectual property - a form of monetization - refers to the legal agreement between the IP rights owner and the licensee that permits the licensee to use the IP-related work in a specified way for a specific time. An IP license, such as a copyright license, gives a person or entity the authorization to use a work from the copyright owner, usually in exchange for payment, such as royalties. Licenses may be exclusive or nonexclusive, and the rights that come with them vary according to the specifics of each license. More information on licensing can be found in the WIPO Guide on the Licensing of Copyright and Related Rights.